Amity Solutions (ASOL), a Bangkok-based multiproduct software group, and its parent company, Amity Corporation, have raised a combined $60 million in a Series C funding round, according to an announcement.
ASOL raised $41.6 million from Chinese venture capital firm Insight Capital and new and existing investors. Amity Corporation, on the other hand, secured $18.5 million from existing investor SMDV. Gobi Partners contributed to the round.
The financing includes debt, which was led and structured by Asia-focused private credit financier AlteriQ Global.
Gobi first invested in Amity’s $5.7 million Series A round in 2015. In 2018, it raised around $19 million in a Series B funding led by Sinar Mas-backed SMDV.
Per the announcement, ASOL will use the fresh funding primarily for GenAI research and development and to further acquire SaaS companies with high potential for GenAI integration.
Amity, formerly called Eko Communications, was founded by Korawad Chearavanont in 2012. In 2020, it acquired the Thai chatbot startup ConvoLab.
The latest funding round comes as ASOL, which spun out from Amity Corporation in 2023, prepares for a listing on the Thai stock exchange. The company plans to use the proceeds to further develop GPT-powered AI.
“The market for developing high-value use cases with existing SaaS software is underserved and we see immense potential there,” Chearavanont said.
ASOL’s products are used by over 50 of Thailand’s top companies, including SOEs, government agencies, banks, financial services firms, retailers, and more.
Its core products include Amity Bot, an enterprise chatbot platform; Amity Voice, a voicebot platform; and Eko, a collaboration platform for non-desk workforces.
Since early 2023, Amity Solutions has shifted its primary focus to building and developing GenAI applications and solutions on top of its existing SaaS products.
ASOL’s GenAI efforts are led by its AI Labs, which focuses on researching, understanding, and applying language models such as OpenAI’s GPT to develop high-value use cases.
